Sec. 4745.
(1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following:
(a) Prove its case in accordance with the applicable rules of evidence.
(b) Demonstrate irreparable harm to the SPFC or its counterparty, or both.
(c) Show that there is no other adequate remedy at law.
(d) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders so long as it is not less than 15% of the total amount of the securitized transaction.
(2) The commissioner may suspend, revoke, or modify a limited certificate of authority issued to an SPFC or an order made in connection with a limited certificate of authority issued to an SPFC in compliance with the standards and criteria provided in subsection (1) or in conformance with section 4735(2).
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)
Section 500.4701 - Definitions.
Section 500.4717 - Issuance of Spfc Securities.
Section 500.4719 - Asset Management Agreements.
Section 500.4723 - Insurance Securitization; Not Considered as Insurance Producers or Brokers.
Section 500.4725 - Spfc; Duty to Ensure Contracts Fulfill Certain Requirements.
Section 500.4727 - Creation of Trust to Hold Assets of Spfc.
Section 500.4732 - Activities Requiring Notice to Commissioner.
Section 500.4733 - Captive Insurance Company Examination; Expenses and Charges; Payment; Fee.
Section 500.4734 - Confidentiality Requirements; Exception.
Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel.